Skip to main content
S
sbbookingplus-gm
April 4, 2024
Question

Client overpaid $ 165.57 corporate tax in 2022 for FY2021. $153 is adjusted against Federal tax & $12.57 against GST/HST payment of FY2022.

  • April 4, 2024
  • 1 reply
  • 0 views
This overpayment is not reflecting anywhere in balance sheet of FY2022. I created Corporate Income Tax - Liability account, cleared Federal & GST/HST payments against it(as showing in balance Sheet 2022). Now Corporate Income Tax account has a balance of $165.57. I want to do a journal entry by debiting corporate Income Tax account with $165.57. Which account should I credit the same amount in this JE?Thanks In advance.

1 reply

T
Trish_T
April 4, 2024

Hello sbbookingplus-gm,

 

Thanks for reaching out to us here.  QuickBooks Online enables you to file and record sales tax payments seamlessly.  When an overpayment occurs, the way it's recorded depends on how it was recorded on the CRA side of things, such as, if a refund was issued at that time for the over payment.  I would be happy to provide more information, so you're on the right track with your sales tax goals!

 

QuickBooks also provides the option to enter sales tax adjustments, as you see necessary.  However, with the date of the over payment, making any adjustments can have a negative impact on other areas of your books.  For this reason, I encourage you to speak with an accounting professional, for their expertise and best course of action. If you don't have an accountant, you can search for a ProAdvisor in your local area by following this link.

 

If you have any other questions, feel free to reach back out. We would be glad to help!

Terms & ConditionsAccessibility statement